TradeStation Help

ARCX (Exchange)

The Archipelago Electronic Communications Network (ARCX) allows the trading of listed NYSE, AMEX, NYSE Arca, and Nasdaq stocks in quantities from 1 to 1,000,000. Even, odd and mixed lot orders are supported (even lots are multiples of 100, mixed lots are not, odd lots are orders less than 100 shares).

Orders can be placed between 8:00 A.M. and 8:00 P.M. Eastern Time.
ARCX accepts market orders from 9:30 A.M. to 4:00 P.M. and limit orders from 8:00 A.M. to 8:00 P.M.
ARCX accepts decimal increments as precise as 0.01 (one cent).

In the event of a connection outage between the TradeStation Order Execution Network and ARCX, all open orders will remain working in the market as usual.

Order Durations

Day

May be entered between 8:00 A.M. and 4:00 P.M. Eastern.

Orders placed before 9:30 A.M. will become active at 9:30 A.M. Eastern.

Unfilled orders and leaves expire at 4:02 P.M. Eastern.

Day+

May be entered between 8:00 A.M. and 8:00 P.M. Eastern.

Unfilled orders and leaves expire at 8:00 P.M. Eastern.

GTC (Good Till Canceled)

May be entered at any time.

Unfilled orders and leaves remain alive, if applicable, across multiple days, for the DAY session only until the order is filled or canceled.

Orders have a maximum life span of 90 calendar days.

Orders are canceled if there is a corporate action or reorg. on the symbol traded.

Orders that are partially filled during, and remain that way until the end of, a DAY trading session, will have any remaining leaves automatically canceled.

GTC+ (Good Till Canceled Plus)

May be entered at any time.

Unfilled orders and leaves remain alive, if applicable, across multiple days, for the DAY+ session until the order is filled or canceled.

Orders have a maximum life span of 90 calendar days.

Orders are canceled if there is a corporate action or reorg. on the symbol traded.

Orders that are partially filled during, and remain that way until the end of, a DAY+ trading session, will have any remaining leaves automatically chandelled.

GTD (Good Till Date)

May be entered at any time.

Unfilled orders and leaves remain alive, if applicable, across multiple days, for the DAY session only until the order is filled or canceled.

Orders have a maximum life span of 90 calendar days.

Orders are cancelled if there is a corporate action or reorg. on the symbol traded.

Orders that are partially filled during, and remain that way until the end of, a DAY trading session, will have any remaining leaves automatically cancelled.

GTD+ (Good Till Date Plus)

May be entered at any time.

Unfilled orders and leaves remain alive, if applicable, across multiple days, for the DAY+ session until the order is filled or canceled.

Orders have a maximum life span of 90 calendar days.

Orders are canceled if there is a corporate action or reorg. on the symbol traded.

Orders that are partially filled during, and remain that way until the end of, a DAY+ trading session, will have any remaining leaves automatically canceled.

IOC (Immediate or Cancel)

May be entered between 8:00 A.M. and 8:00 P.M. Eastern.

Unfilled orders and leaves expire immediately.

Minute Orders (1, 3, 5 Minute)

May be entered between 8:00 A.M. and 8:00 P.M. Eastern.

Unfilled orders and leaves expire after the designated number of minutes (for example, a 3 Minute order expires after three minutes). ARCX may take up to two additional minutes to give an out on the remaining shares.

Advanced Settings

ARCX will accept orders using the following Advanced settings:

Both types of order placement are available between 8:00 A.M. and 8:00 P.M. Eastern.

Order Behaviors

Market orders are matched within ARCX if ARCX is currently the best bid/ask of the market (that is, "at the inside"). If not, the order is routed using ARCX's SmartBook sweep logic. Any residual volume will not be routed to the next price level until all quotes at the current best bid offer are exhausted.
Marketable limit orders are matched with the ARCX book or preferenced to Nasdaq market participants using SmartBook. Order price may be improved, however preferenced orders may not be rerouted if a better price appears, unless the preferenced participant declines your order. Non-marketable limit orders are posted to the ARCX book. The best bid and offer in the ARCX book will be displayed in the Market Depth window (under the ARCX market maker ID).
Stop Market Orders are initially routed to our stop server until triggered. Once triggered, an order routed to ARCX will behave as a Market order.
Stop Limit Orders are initially routed to our stop server until triggered. Once triggered, an order routed to ARCX will behave as a Limit order.
An Immediate or Cancel (IOC) order is matched with the ARCX book only if ARCX is at the inside. Non-marketable orders are immediately rejected
With a Show Only order, the displayed quantity is automatically replenished from the reserve as the position is filled. Market participants are preferenced for the quoted size when hitting the bid or taking the offer, orders preferenced to ARCX, at sizes greater than the displayed size, will be matched against the entire reserve quantity.
For short sales on a down bid, a short sell is offered at .01 above the national inside bid. On an up bid, normal trading would occur.
For Minute orders (1, 3, 5 Minute), unfilled orders and leaves often do not expire immediately after the designated number of minutes. ARCX may take up to two additional minutes to give an out on the remaining shares.